4. Intellectual Properties and Patents

6 Months Ended

Dec. 31, 2014

4. Intellectual Properties and Patents

Other assets consist of the following:

	Cost $	Accumulated amortization $	December 31 2014 Net Book Value $	June 30 2014 Net Book Value $
Adiri Patents	$ 800,552	$ -	$ 800,552	$ 800,552
Adiri Trademarks	359,375	-	359,375	359,375
Adiri patent legal fees	43,828	-	43,828	43,828
Plastic Technology Properties	100,000	-	100,000	100,000
Sippy Straw technology	25,000	-	25,000	25,000
Accumulated Amortization	-	(175,493)	(175,493)	(162,309)
Total	$ 1,328,755	$ (175,493)	$ 1,153,262	$ 1,166,446
Asset purchase agreement

On January 2, 2014, we entered into an agreement to purchase certain assets own by an unrelated company in exchange for 250,000 shares of our restricted common stock valued at $0.10 or $25,000, plus a royalty of $0.31 per unit sold if the retail price is below $19.95, and $0.41 per unit sold if the retail price is $19.95 or more. If the Company decides in the future to not utilize the assets any further, the seller has the first right of refusal to repurchase them back for $37,500. The agreement also contains a non competition clause for the seller.

RELIABRAND INC. 10-Q